Best way to get paid for selling RV?

[joebedford]

A lot of cash doesn't seem like a good idea. Certified checks can be forged.

Wire transfer?

[joebedford]

OP: one other dimension to this transaction is that I'm Canadian.

I don't have a USA bank account. A friend of mine got in some 'trouble' with the IRS because he had an American account an now the IRS is trying to tax him on his worldwide income. He's Canadian and has only ever worked in Canada but it's up to him to prove that. I don't want a bank account.

We bought our toy hauler in Florida and it will probably be sold in Florida. When we bought it, we used a wire transfer from our bank in Canada to the dealer.

I could carry a stack of cash across the border but I'd have to declare it. That's not a problem as long as I can provide documentation where I got it.

Wire transfer is probably best.

[theczar]

Ralph Cramden wrote:

dryfly wrote:
Unfortunately, you don't want to raise a red flag by large CASH deposits.

The Bank Secrecy Act is officially called the Currency and Foreign Transactions Reporting Act, started in 1970.

It states that banks must report any cash deposits (and withdrawals, for that matter) that they receive over $10,000 to the Internal Revenue Service. For this, they’ll fill out IRS Form 8300. This begins the process of Currency Transaction Reporting (CTR).

Splitting deposits into smaller amounts over a reasonably short period of time also sends a signal to the bank. Can you say.........money laundering?

So if I sell my RV for $25 K cash I need to deposit $9999.00 now, another $9999.00 6 months from now, and in a year deposit the remaining $5002.00. Sure would not want to get in pickle and accused of money laundering. Might get toted off to the state or fed pen? Someone might think I'm pushing crack or Oxycontin? I wonder if the dealers (RV) have that problem when making deposits on cash deals?

Some of the things people worry about on RV boards never ceases to amaze. Better off to stuff it in the mattress or bury it in mason jars out back LOL.

Never heard of form 8300. The bank will file a ctr form 104 for any cash transaction over $10,000. It is not illegal to transact more than $10k but the ctr creates a formal record of the transaction. In an by itself it does nothing but now the gov knows it occurred who was the transactor and who was the beneficiary of the transaction.

Doing what you suggest is probably worse. ( $9999 and less in multiple transaction). Banks have complex monitoring capabilities to identify this kind of activity which is called “structuring”. If the bank identifies this they will submit another form to FinCen (financial crimes enforcement arm of the gov) called a SAR (suspicious activity report). A sar as the name implies indicates suspicious activity.

Don’t get me wrong. I do NOT want the gov in my business but a choice between a single ctr that is explainable and a sar, I will take the ctr

[ItsyRV]

2012Coleman wrote:
Walked out the door without getting questioned or arrested by the security guard - off duty police officer. Federal banking laws be dammed...

Nobody is waiting to arrest you for depositing large amounts of cash!

The bank submits an electronic 8300 to the IRS. The form also has a section for stated transaction type. If you mentioned to the teller you sold your RV, they check the personal property sale. The IRS computers cross check your name, ssan, and other identifying info to see if there's a pattern. If nothing else pops up, or there is no reason for them to be interested in this transaction, it just gets archived into the massive database the govt has on you.

[dryfly]

2012Coleman wrote:
I sold my Coleman for 10K. Buyer brought 10K in cash in crisp 20 dollar bills. Laid it out on the table in piles of 100. He counted it, my wife counted it, and I counted it. My son was drooling too much so he wasn't able to count it. I also had him give me a photo copy of his drivers license. - I took a picture of him and his license plate.

Hooked up the Coleman and watched it go down the road.

Went to my credit union, made out a deposit slip for 10K, gave them that, the envelop, my member number. Stated I sold my Travel Trailer. They greeted me as always, deposited the money, and asked if there was anything else they could help me with.

Walked out the door without getting questioned or arrested by the security guard - off duty police officer. Federal banking laws be dammed...

Regardless of your opinion of banking laws, I'm NOT aware of any of them that advise questioning or arresting a person for making a legitimate transaction, be it cash, check, money order, etc. Your bank does, however, have certain Federal guidelines that must be followed, based on their judgement of the situation.

Bank security guard, off-duty police, F.B.I.; none of these will arrest you in your bank lobby for making a transaction unless it involves making a transaction with counterfeit currency or a stolen banking instrument.

[2012Coleman]

I sold my Coleman for 10K. Buyer brought 10K in cash in crisp 20 dollar bills. Laid it out on the table in piles of 100. He counted it, my wife counted it, and I counted it. My son was drooling too much so he wasn't able to count it. I also had him give me a photo copy of his drivers license. - I took a picture of him and his license plate.

Hooked up the Coleman and watched it go down the road.

Went to my credit union, made out a deposit slip for 10K, gave them that, the envelop, my member number. Stated I sold my Travel Trailer. They greeted me as always, deposited the money, and asked if there was anything else they could help me with.

Walked out the door without getting questioned or arrested by the security guard - off duty police officer. Federal banking laws be dammed...

[dryfly]

Ralph Cramden wrote:

dryfly wrote:
Unfortunately, you don't want to raise a red flag by large CASH deposits.

The Bank Secrecy Act is officially called the Currency and Foreign Transactions Reporting Act, started in 1970.

It states that banks must report any cash deposits (and withdrawals, for that matter) that they receive over $10,000 to the Internal Revenue Service. For this, they’ll fill out IRS Form 8300. This begins the process of Currency Transaction Reporting (CTR).

Splitting deposits into smaller amounts over a reasonably short period of time also sends a signal to the bank. Can you say.........money laundering?

So if I sell my RV for $25 K cash I need to deposit $9999.00 now, another $9999.00 6 months from now, and in a year deposit the remaining $5002.00. Sure would not want to get in pickle and accused of money laundering. Might get toted off to the state or fed pen? Someone might think I'm pushing crack or Oxycontin? I wonder if the dealers (RV) have that problem when making deposits on cash deals?

Some of the things people worry about on RV boards never ceases to amaze. Better off to stuff it in the mattress or bury it in mason jars out back LOL.

I think you missed my point. I'm not "worried" about it in the least, and I'm sure you are not either.

For those considering depositing a large sum of cash, I'm just citing Federal Banking laws. If you doubt this information, casually ask your banker.

[Jebby14]

small unmarked non-sequential bills.

[CFerguson]

Don't sweat selling a large item and depositing the funds in your bank- especially if you do the transaction AT the bank and they see what is happening. Your bank fills out the WHY of the anomaly and the federales know if they want to look. Except for reporting requirement changes, this has been standard practice since at least the 80s when it first happened to me. ( I was buying some land and got a cert check and bank mgr came out to ask me if all was ok. I think she thought someone might have kidnapped my wife or something lol. she then told me why she was asking)

They'll chat you up, but they are really snooping in your business for purposes of reporting the reason for the transaction.
Don't try to game the banking system- unless you are an insider, you cant get around everyone knowing your business and they see one time purchases/sales all the time.

[joebedford]

jplante4 wrote:
Boston just had it's big show. It's in the new convention center and it does cost to park and to get in. There are probably 30 dealers set up, along with campgrounds and associations etc. Most dealers have a $2 off coupon available. When I was looking for an RV, I considered it money well spent. If I were to drive around to all the dealers that were at the show to look at what they had, it would have cost me more money and time.

Uhhh, blink?

[jplante4]

Boston just had it's big show. It's in the new convention center and it does cost to park and to get in. There are probably 30 dealers set up, along with campgrounds and associations etc. Most dealers have a $2 off coupon available. When I was looking for an RV, I considered it money well spent. If I were to drive around to all the dealers that were at the show to look at what they had, it would have cost me more money and time.

[Ralph_Cramden]

dryfly wrote:
Unfortunately, you don't want to raise a red flag by large CASH deposits.

The Bank Secrecy Act is officially called the Currency and Foreign Transactions Reporting Act, started in 1970.

It states that banks must report any cash deposits (and withdrawals, for that matter) that they receive over $10,000 to the Internal Revenue Service. For this, they’ll fill out IRS Form 8300. This begins the process of Currency Transaction Reporting (CTR).

Splitting deposits into smaller amounts over a reasonably short period of time also sends a signal to the bank. Can you say.........money laundering?

So if I sell my RV for $25 K cash I need to deposit $9999.00 now, another $9999.00 6 months from now, and in a year deposit the remaining $5002.00. Sure would not want to get in pickle and accused of money laundering. Might get toted off to the state or fed pen? Someone might think I'm pushing crack or Oxycontin? I wonder if the dealers (RV) have that problem when making deposits on cash deals?

Some of the things people worry about on RV boards never ceases to amaze. Better off to stuff it in the mattress or bury it in mason jars out back LOL.

[dryfly]

Unfortunately, you don't want to raise a red flag by large CASH deposits.

The Bank Secrecy Act is officially called the Currency and Foreign Transactions Reporting Act, started in 1970.

It states that banks must report any cash deposits (and withdrawals, for that matter) that they receive over $10,000 to the Internal Revenue Service. For this, they’ll fill out IRS Form 8300. This begins the process of Currency Transaction Reporting (CTR).

Splitting deposits into smaller amounts over a reasonably short period of time also sends a signal to the bank. Can you say.........money laundering?

[ol__yeller]

I agree that wire transfers are the safest but be aware not all financial institutions will do them. When I sold my RV the buyer's Credit Union would not do a wire transfer for the $40,000.

[colliehauler]

sch911 wrote:
Cashiers check, or Certified check. You both go to the bank that holds you lien (if you have one), or your bank and make the transaction. The bank will know if the check is good or not.

This^^. I will not carry cash to a transaction if purchasing a RV from a individual.